Impacts of timeshare operation on publicly traded U.S. hotels’ firm value,risk and accounting performance

With 1615 timeshare resorts and 176,232 units in the U.S. in 2006 and making an economic impact of approximately $92 billion on the U.S. economy in 2005, the timeshare industry has proved as one of the fastest growing segments of the hospitality and travel industry. However, little research has investigated the impacts of timeshare operations on lodging firms’ financial issues. The main purpose of this study is to investigate the impact of timeshare operation on lodging firm's financial value, risk and accounting performance. Findings suggest that the existence of an inverted U-shaped relationship between timeshare operation and lodging firm value; however timeshare operation shows a U-shaped relationship with ROE and no relationship with risk.     

The Challenges of Providing Training in Small Sized Lodging Properties

ABSTRACT

Labor issues confront the lodging industry in good times and in bad. Employee training is viewed as a means to manage labor challenges and the hospitality industry is not well known for specializing in employee training. Small sized properties have unique challenges to implementing training practices and this study focused on understanding the training practices of small sized lodging properties. Two hundred eighteen lodging owners/general managers responded to a mailed questionnaire regarding training practices. Overall, less small properties provide training. Properties value training similarly, however, small properties provide less training, experience lower occupancy, are less often profitable, and experience some unique barriers to training. Considerations must be made for this lodging group and suggestions for addressing these issues are provided.     

Spillover Between Work and Personal Life for Lodging Managers

ABSTRACT

The hospitality and tourism industry is characterized by long and erratic work hours. Many jobs are unsuitable for working at home. The unique features of the lodging industry and the demands of lodging managers' jobs often have interfered with the personal lives and marital relationships of these managers. The situation may even lead to a decision to leave the specific occupation or the industry permanently. The primary goal of this research was to investigate the perspectives of Taiwan hotel managers' regarding work-personal life balance and its relationship to various demographic variables, such as gender, marital status, etc. Results indicate that very few of Taiwanese managers had difficulty balancing work and personal lives. Indeed, the majority of these managers reported their perception of success in balancing work and personal life as from neutral to very successful. No statistically significant differences were found between female and male managers in terms of perceived difficulty or success in work and personal life balance. Neither was there a significant difference among married or single female/male managers. Results also suggested that work interfered with personal life more frequently than personal life did with work.     

Key Managerial Accounting Skills for Lodging Industry Managers: The Third Phase of a Repeated Cross-Sectional Study

This study is the third phase of a repeated cross-sectional study that explores the current rankings of important accounting skills to lodging managers and the changes in the importance of accounting skills to lodging managers over time. In this study, as with two prior studies, financial executives were asked to rate the importance of a list of managerial accounting skills used by hotel general managers. The top three managerial accounting skills were the operating budget, the income statement, and analysis of variances. This study can provide a better sense of the perception of importance of accounting skills utilized by lodging managers. It will be useful for hospitality educators in designing the curriculum for managerial accounting courses to meet the expectations of the current hospitality industry.     

Coping Strategies Used by Lodging Managers to Balance Work and Personal Lives: An Exploratory Study

The hospitality industry offers services to consumers around the clock, every day of the year. Lodging managers, in particular, are required to work long hours in a highly unpredictable and stressful environment. Consequently, a successful career in hotel management leaves little time for outside activities which often leads managers to leave such positions or the industry altogether. The purpose of this study is to explore the coping strategies used by lodging managers who have a successful balance between their work and personal lives. Eight coping strategies are identified by interviewing 15 lodging managers.     

Key managerial and financial accounting skills for private club managers: Comparison to lodging managers

ABSTRACT

This study provides empirical evidence of the comprehensive accounting skills by financial executives across the United States, and Canada believed important to private club general managers. This study’s purview extends to identify any significant differences or similarities in the accounting skills between the private club and lodging managers. Four hundred and one responses (211 from clubs and 190 from hotels) were received. The most critical accounting skills for club and lodging managers are understanding operating budgets, capital budgets, income statements, and analyses of variances. When comparing the accounting skills to managers between clubs and hotels, the ranks of importance are similar. The findings provide theoretical and practical implication for hospitality researchers, managers, and educators.     

Analysis of Hoteliers' E-Commerce and Information Technology Applications

ABSTRACT

Numerous research studies are being conducted that are related to e-commerce and information technology (IT) applications in the hospitality industry with regard to operational, profitability, productivity, and management perspective. The focus of this study is to examine current e-commerce and IT applications in the hospitality industry and to identify the business travelers' needs relative to advanced e-commerce and IT applications to improve customer service. Hoffman and Chung (1999) stated that what customers want most is not what restaurants and hotels are necessarily implementing. This study discusses the typical problems and obstacles of implementing e-commerce and IT applications in hospitality, using the lodging e-commerce and IT applications to satisfy customers, and developing the lodging e-commerce and IT applications as a corporate competitive advantage. Moreover, this study investigated a variety of e-commerce and IT applications related to customer service, satisfaction, and retention as well as e-commerce and IT applications as a distribution channel for receiving travelers' information and accommodation booking. This study provides valuable implications for the hospitality practitioners about customer needs relative to e-commerce and IT applications.     

Explaining a Community Touristscape

Abstract

Numerous research studies are being conducted that are related to e-commerce and information technology (IT) applications in the hospitality industry with regard to operational, profitability, productivity, and management perspective. The focus of this study is to examine current e-commerce and IT applications in the hospitality industry and to identify the business travelers' perceptions and needs relative to advanced e-commerce and IT applications to improve customer service. Hoffman and Chung (1999) stated that what customers want most is not what restaurants and hotels are necessarily implementing.

This study discusses the typical problems and obstacles of implementing e-commerce and IT applications in hospitality, using the lodging e-commerce and IT applications to satisfy customers, and developing the lodging e-commerce and IT applications as a corporate competitive advantage. Moreover, this study investigated a variety of e-commerce and IT applications related to customer service, satisfaction, and retention as well as e-commerce and IT applications as a distribution channel for receiving travelers' information and accommodation booking. This study provides valuable implications for the hospitality practitioners about customer perceptions and needs relative to e-commerce and IT applications.     

Marketing timeshare in Singapore: An analysis of potential customers and present owners

Timeshare has gained recognition and acceptance in many Asian countries in recent years, but is relatively slow in gaining momentum in Singapore. Timesharing is a type of real estate ownership, which may include hotels, resorts, holiday villas, apartments and more, whereby ownership is split among individuals on the basis of time. This paper presents a study on the attitude of potential consumers on timeshare, and to investigate the current satisfaction level of timeshare owners in Singapore. Two questionnaires were designed to survey the attitude of potential consumers and the timeshare owners. The findings showed that potential consumers’ perception of timeshare is generally negative in Singapore. The main reasons for this negative perception include undesirable sales tactics used in the industry and negative media coverage which tainted the image of the industry. Developers should provide facilities at the resorts to help timeshare owners achieve their desire for rest and relaxation, amongst other reasons.     

Technology

Abstract

The presence of technology in the hospitality industry is increasing at a rapid rate. Technology has had an effect on the efficiency of many facets of the hospitality industry. Despite the growing number of meetings, conventions, and conferences, there has not been a published needs assessment study of training needs-especially technology needs-of hospitality sales managers. This paper presents the results of the first part of a study that examined technology training needs for hospitality sales managers and meeting planners. The top three technology skills training needs that surfaced in the 1996 study included advertising/marketing on the Internet, developing request for proposals, and meeting planning/sales management systems.     

Informing timeshare exchange services on the drivers of customer-driven co-production

Given the continued growth of the timeshare segment and its unique characteristics as an owned leisure lodging product, adopting a service-dominant logic and developing opportunities for co-creation is highly relevant for companies that provide services to this industry. Specifically, the purpose of this study is to explore the drivers that lead to customer-driven co-production in timeshare exchange services, due to the popularity of this option among consumers owning timeshare. Our results indicate that interaction between timeshare owners as customers of the exchange company is a significant driver of customer-driven co-production. To the authors’ knowledge, this is the first study to explore customer-driven co-production in the timeshare industry. Moreover, our findings are highly significant for timeshare exchange companies and point them to potential areas of improvement in their service processes that could lead to higher customer-driven co-production and, consequently, more valuable experiences.     

Towards An Experience Innovation Canvas: A Framework for Measuring Innovation in the Hospitality and Tourism Industry

ABSTRACT

As organizations transition from a service to experience economy, they will need to reimagine their business performance “scorecards” to reflect practices that place the co-created guest experience at the heart of their innovation efforts. This article synthesizes innovation and experience economy literature to depict six theory-based propositions and a framework for measuring innovation in the hospitality and tourism industry. The propositions were investigated in 19 experience firms comprising lodging, dining, attractions, and events in Southern California. Data from executive interviews (n = 19) and follow up manager surveys (n = 202) showed strong support for front of the house innovation focused on guest offerings to enhance interactions, personalization and social spaces and back of the house innovation focused on connecting employees with the firm’s core purpose. Measures of memorable triggers and motivators of emotional value represent promising new frontiers. By identifying the current practices and measures of senior managers faced with leading innovation in their own business units, this study both informs this practice and presents a unique and updated perspective on experience innovation.     

The asset-light business model and firm performance in complex and dynamic environments: The dynamic capabilities view

Although academic research examining the effects of the asset-light business model continues to grow in the tourism and hospitality literature, the extant studies lack comprehensive theoretical foundations to develop and establish clear quantitative models of analysis. Inconsistent findings from these studies call into question the issue of their exploratory nature. Using the dynamic capabilities view, this study provides a solid conceptual framework that recognizes the asset-light business model as an industry-specific dynamic capability for lodging firms. Furthermore, this study extends recent theoretical accounts on the moderating role of environments in the dynamic capabilities-performance relationship by focusing on the service-oriented and cyclical nature of the tourism and hospitality industry. Incorporating industry-specific performance measures, the current study suggests an alternative approach to the analysis of performance of a lodging firm. The findings also provide important implications to help lodging owners, managers, and investors to strategically cope with complex and dynamic environments.     

Dimensions and correlates of consumer value: An application to the timeshare industry

The concept of consumer value has been hailed as the “very underpinning” of marketing, yet the concept has been subjected to limited empirical research, particularly in the hospitality industry. This study investigates the value that consumers derive from ownership of timeshare holiday products. A total of 785 people answered questions regarding their background, timeshare ownership, valuing of timeshare, and satisfaction with timeshare. Confirmatory factor analyses showed consumer value to be a multi-dimensional construct comprising opportunities for relaxation, gift-giving, status, quality, flexibility, fun, new experiences, and financial benefits. These value dimensions varied with other factors such as type of timeshare ownership (e.g., weeks, points).     

Customer Satisfaction,Training and TQM

Abstract

Managers within the hospitality industry make frequent reference to TQM principles. The extent to which these principles are applied effectively within the human resource management area of hospitality however remains under-researched. By applying TQM principles, this paper focusses on the relationship between customer service and training drawing upon comparative data from Western and Thai hotels. The paper also examines the perceptions of staff towards of hotels' guest-orientation and the provision of quality guest services. The researchers found that guest assessments of the performance of hotel frontline staff depend on their services function (e.g., front-office, housekeeping). The service quality skills needed by frontline staff were also found to differ in the case of Western and Thai hotels. Such differences merit proper consideration on the part of managers within the major hotel chains. The various findings may assist hospitality managers to determine appropriate strategies for the enhancement of guest services particularly in cross-cultural settings.     

Restaurants’ social enterprise business model: Three case studies

ABSTRACT

This research explores the application of the Social Enterprise business model within the context of the hospitality industry. In order to achieve this goal, a qualitative primary research was conducted through three case studies. The research suggests that hospitality social enterprises encounter many unique challenges as a result of social mission implications. The research provides a foundation for industry and academic recommendations. Most importantly, detailed recommendations such as strategic planning, strict budgeting, and mission/profit balance are derived for hospitality social enterprise managers to improve efficiency and counteract industry-specific challenges.     

Skills and Competencies Needed for the Hong Kong Hotel Industry

ABSTRACT

The tourism industry is one of the main sources of income to Hong Kong. If qualified employees provide better service, Hong Kong can potentially attract even more visitors. The training of new recruits and existing staff is therefore vital, but views on the value and the type of training vary amongst the stakeholders. This study of the views of hotel human resources managers revealed that they considered that people who were interested in developing their career in the hospitality industry must be prepared to start at the bottom. The hotel human resources managers strongly believe that employees must have a positive service-mind and commitment to the industry with a certain degree of working experience. Employers perceived these were important components to success for every member of staff, rather than having a good educational background. Such qualifications will raise the status of the hotel industry in general and enhance the status of the service providers as professionals.     

An Assessment of Quality Consciousness of Service Employees

Abstract

Frontline service staff plays a vital role in the success of firms in the lodging industry. Quality service often determines the competitive edge of businesses in this industry. In this study, data from the questionnaires filled out by hotel managers and employees have been analyzed to assess their service quality consciousness. Although the results point to the existence of an organizational culture and climate that encourage the fostering of quality consciousness, they are not effective enough in the development of satisfactory quality consciousness in employees. A set of guidelines for quality service management is proposed.     

Environmental Tactics Used by Hotel Companies in Mexico

Summary

The impact which environmental law and management has had in the hospitality industry is substantial. Hotels have begun conservation and recycling programs as a means of reducing energy cost and solid waste. A significant number of environmentally related regulatory and consumer pressures are being imposed upon the hospitality industry. The purpose of this study is to begin to explore the environmental programs that hotel corporations in Mexico are adopting. Eight managers at eight hotel corporations in Mexico were included in the study. The corporation hotels located in Mexico started to implement environmental strategies in 1995, and the most common reason was because of the legal pressures they faced. Efficient use of lighting and eliminating use of diesel in the boiler were the most frequently sited strategies. Seven hotel managers benefitted from the application of these strategies, while one indicated he did not benefit. The hotel managers feel social, legal, and political pressure in Mexico to implement environmental strategies but consider consumer pressure unimportant. They believe these strategies are not very important when facing competitors, and only one manager mentioned that in the future the competitive threat will be important in developing environmental consciousness.     

Hospitality managers' importance perceptions of human resource practices related to employment of foreign workers in the United States

ABSTRACT

Cross-border labor mobility of hospitality employees has resulted in an increase in illegal immigrants in the workforce. The purpose of this study was to generate a list of top legal issues associated with the employment of foreign workers in the U.S. hospitality industry and to identify factors defined by the importance ratings of these issues. Snowball sampling was used to collect data from hospitality managers. Findings reveal that respondents perceive document verification to be important but may not perceive knowledge of various visa types and employment termination reporting procedures associated with employing foreign workers to be important. Managerial implications are discussed.